The Regions of Kazakhstan and Uzbekistan are Catalysts for Trade and Investment Partnership
On the occasion of the Head of State's visit to Uzbekistan on December 21, 2022, the Uzbekistan-Kazakhstan Interregional Business Forum was held in Tashkent, organized by the Ministry of Investments and Foreign Trade of the Republic of Uzbekistan, the Ministry of Foreign Affairs of the Republic of Kazakhstan, "NС "KAZAKH INVEST" JSC with the support of the National Chamber of Entrepreneurs of the Republic of Kazakhstan "Atameken" and Kazakh Chamber of Commerce and Industry and "CRTP "QazTrade" JSC.
The forum was a platform for discussing current and prospective cooperation projects between the two countries, finding new opportunities for investing and developing business. It is worth noting the high level of interest in the event, which was attended by more than 400 representatives of government agencies and business communities of the two countries. As a result of the forum, 40 bilateral documents were signed for a total of more than $2.5 billion.
Opening the event, the Deputy Prime Minister of the Republic of Uzbekistan, Minister of Investments and Foreign Trade Jamshid Khodjaev emphasized that it is the regions of the two countries that are the catalysts for further deepening of bilateral partnership.
"Particular importance is attached to the joint efforts to create high-tech productions based on our comparative advantages, the development of industrial cooperation for the production of products with high added value in order to further jointly conquer international markets. We have enormous potential for multiplying mutually beneficial projects. For this, we already have everything necessary - production, technological, personnel and natural resources," Jamshid Khodjaev said.
The Deputy Prime Minister of the Republic of Kazakhstan, Minister of Trade and Integration, Serik Jumangarin, spoke about the importance of developing bilateral relations and noted that Kazakhstan and Uzbekistan have great potential for implementing joint projects in many areas. He said that the governments of the two countries have a task of bringing the volume of trade to $10 billion.
"During the first 10 months of this year, mutual trade amounted to $4.1 billion, an increase of 34.7%. Two thirds of the turnover consists of exports of Kazakhstani products, which increased by 36.3% from $2.2 to $3 billion. Deliveries of Uzbek goods also increased by 25% to $1 billion. This is primarily due to the representatives of the business communities of the two countries," said Serik Jumangarin.
According to 2021 data, the total inflow of Uzbek investments into the Kazakh economy amounted to $22.1 million, and in the first half of 2022 it was $8.6 million. During this period, the total outflow of investments from Kazakhstan to Uzbekistan amounted to $146,2 million (for the first half of 2022 - $29.5 million).
Currently, the list of industrial cooperation projects between Kazakhstan and Uzbekistan consists of 38 projects with a total cost of $2.2 billion. These projects cover industries such as machine building, light industry, pharmaceuticals, and construction.
The hokims (governors) of the Navoi and Jizzakh regions, Normat Tursunov and Ergash Saliev, the Deputy Hokim of Tashkent, Sharof Rakhmanov, the Akim of Turkestan region, Darhan Satybaldy, the Akim of Shymkent, Murat Aytenov, and the Deputy Minister of Industry and Infrastructure Development of Kazakhstan, Marat Karabayev, also spoke with welcoming remarks at the forum.
In opening the session of the forum dedicated to business, the Deputy Chairman of the Board of "NC "KAZAKH INVEST" Jandos Temirgali noted the increasing role of Central Asia's 80 million people in the world, the importance of developing transcontinental transport and logistics routes, and the opportunities for joint attraction of large investments in the region.
In this part of the forum, the Chairman of the Board of the "Kazakhstan Foreign Trade Chamber" Ayan Erenov, the Acting Chairman of "Uzkimyosanoat" JSC, Yevgeny Korzhikov, the Deputy Chairman of "Uzavtosanoat" JSC, Sardor Tajiyev, the Chairman of the Board of the "National Association of Light Industry Entrepreneurs "Qaz Textile Industry" Gulmira Uakitova, and the Managing Partner of "CITIX smart-technologies" Alisher Kozhasbayev made presentations.
In addition, for the Kazakh delegates of the Uzbek-Kazakh Interregional Business Forum, tours were organized to enterprises for the production of household appliances, textiles, and fruit and vegetable processing.
